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More oil and agricultural products: Indonesia will increase its US imports to escape surcharges

Indonesia will increase its purchases of American products, including oil and agricultural products, with the aim of limiting the increase in customs tasks in the Trump administration.

The National Petroleum Company and the Agricultural Companies of Indonesia signed agreements to increase their purchases of American products, Indonesian Economy Minister said Wednesday, while Yakarta is trying to limit the increase in US customs tasks.

The first economy of Southeast Asia has promised to increase its imports of agricultural goods, energy and others to fill the commercial deficit with Washington and conclude an agreement of $ 1.25 billion earlier this week to buy more American wheat.

The president of the United States, Donald Trump, threatened Yakarta to impose customs duties of 32%, in addition to a basic surcharge of 10% if the country does not reach a new commercial agreement before August 1.

The Minister of the Economy, Airlangga Hartarto, who went to Washington for commercial negotiations, said Wednesday that the National Petroleum Company remained signed a memorandum of understanding to increase energy purchases in the United States, without providing more details.

Agricultural companies Sorini Agro Asia Corporarindo and FKs have also signed memorandum to increase their purchases, especially corn.

The minister did not reveal the number of agreements signed in Washington, but last week, he said that Indonesian companies would commit to spending a total of $ 34 billion (29 billion euros).

The Indonesian embassy in Washington said the agreements had been completed at meetings on the site on Tuesday.

The American Food Group Cargill confirmed in a press release that the list of signed documents included a memorandum of understanding for the purchase of corn.

According to the official figures of the United States, the United States has registered in 2024 a commercial deficit of $ 17.9 billion (16.2 billion euros) with Indonesia, 5.4% more compared to 2023.

Author: HC with AFP
Source: BFM TV

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